Monday Market Update: Latest California Sales & Price Report
Data from the first half of 2021 is in, with 4 out of 5 state regions setting record high median home prices in June.
California real estate continues to sizzle this summer, as the latest home sales and price reports demonstrate record high home prices and continued demand. Check out the latest trends in this just-released infographic from CAR® below.
News To Know:
* California's median home price set a new record high for the fourth straight month in June; statewide prices are up 30.9% year-over-year.
* The pace of growth in home prices appeared to be decelerating, however, as the change between May and June remained below one percent, and the increase was the smallest in the past four months.
* Four of the five major regions in the state set new record high median prices last month, with each region increasing by more than 20 percent from a year ago. The San Francisco Bay Area continues to grow at the fastest pace with a year-over-year gain of 35.0 percent.
* All 51 counties tracked by C.A.R. experienced price growth on a year-over-year basis, with 47 of them reporting a double-digit rate increase in median price from last year.
* The state has sold more homes in the million-dollar market than the sub $500k market in Q221, a condition that has not been observed in California in the past.
* The state housing supply condition continued to improve with active listings reaching the highest level since last October.
Summary From C.A.R. President Dave Walsh
“We’re starting to see what a difference just a slight uptick in inventory and listings can do to help lessen the buying frenzy and create a sense of normalcy. The market is still extremely competitive, with 70 percent of homes selling above list price; however, the number of new listings increased in June, and both the share of listings with a reduced price and median reduction amount increased, giving buyers more opportunities to purchase.”
Find all the data points HERE via the latest CAR® press release.
All my best,
Bobbi Decker
DRE#00607999
Broker Associate
650.346.5352 cell
650.577.3127 efax
www.bobbidecker.com
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